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RAND Journal of Economics articles from June 2007
An academic journal featuring articles on macroeconomics. Focuses on industrial organization, regulation, law and economics. Includes empirical and theoretical papers analyzing market behavior and public policy.
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RAND Journal of Economics archives from June 2007
Long-run price competition.
June 22, 2007... We generalize the standard repeated-games model of dynamic oligopolistic competition to allow for consumers who are long-lived and forward looking. Each period leaves some residual demand to future periods and pricing in one period affects...
Collusion under monitoring of sales.
June 22, 2007... Collusion under imperfect monitoring is explored when firms' prices are private information and their quantities are public information; such an information structure is consistent with several recent price-fixing cartels, such as those in...
Durable-goods oligopoly with secondary markets: the case of automobiles.
June 22, 2007... We study the effects of durability and secondary markets on equilibrium firm behavior in the car market. We construct a dynamic oligopoly model of a differentiated product market to incorporate the equilibrium production dynamics that arise...
Auctions and information acquisition: sealed bid or dynamic formats?
June 22, 2007... The value of an asset is generally not known a priori, and it requires costly investments to be discovered. In such contexts with endogenous information acquisition, which selling procedure generates more revenues? We show that dynamic formats,...
Simple estimators for the parameters of discrete dynamic games (with entry/exit examples).
June 22, 2007... We estimate parameters from data on discrete dynamic games, using entry/exit games to illustrate. Semiparametric first-stage estimates of entry and continuation values are computed from sample averages of the realized continuation values of...
Optimal information revelation in procurement schemes.
June 22, 2007... A buyer procuring a single input possesses private information about each potential supplier's degree of fit with the buyer's needs. She can search among suppliers either sequentially or simultaneously. As long as the distribution of the fit...
The welfare effects of third-degree price discrimination with nonlinear demand functions.
June 22, 2007... The welfare effects of third-degree price discrimination are analyzed when demand in one market is an additively shifted version of demand in the other market and both markets are served with uniform pricing. Social welfare is lower with...
Measuring consumer welfare in the CPU market: an application of the pure-characteristics demand model.
June 22, 2007... In this article, I estimate demand for the personal computer central processing unit and measure consumer welfare using the pure characteristics demand model. The model is based on a quasilinear utility function with multiplicative random...
Product boundary, vertical competition, and the double mark-up problem.
June 22, 2007... We develop a model in which a main product (called product A) provides a performance quality z by itself, whereas a complementary product (called product B) is useless by itself but enhances the main product's performance quality to q > z. This...
Teams versus individual accountability: solving multitask problems through job design.(Column)
June 22, 2007... Many organizations are structured so that workers are jointly accountable for performance, even though there exist alternative organizational structures that align incentive compensation more closely with each worker's tasks. I develop a...
Spatial organization of firms: the decision to split production and administration.
June 22, 2007... A firm's production activities are often supported by nonproduction activities, such as administrative units including headquarters, which process information both within and between firms. Firms may physically separate such administrative...
Something to prove: reputation in teams.
June 22, 2007... Agents work for their own reputations when young but for their firms' when old. An individual with an established reputation cannot credibly commit to exerting effort when working alone. However, by hiring and working with juniors of uncertain...
Nonlinear pricing in an oligopoly market: the case of specialty coffee.(Company overview)
June 22, 2007... Firms that use nonlinear pricing may distort product characteristics away from their efficient levels. This paper offers the first empirical study of this issue. Using data from a specialty coffee market, I estimate a structural utility model...
Tacit collusion under interest rate fluctuations.(Column)
June 22, 2007... Previous literature has shown that demand fluctuations affect the scope for tacit collusion. I study whether discount factor fluctuations can have similar effects. I find that collusion depends not only on the level of the discount factor but...
Free entry and social efficiency under vertical oligopoly.
June 22, 2007... We analyze a successive vertical oligopoly model that incorporates vertical relationships between industries and demonstrate that free entry in an industry that produces a homogeneous product can lead to a socially insufficient number of firms....